TABEF to be used as platform to boost partnership
(MENAFN) The Türkiye-Africa Business and Economic Forum (TABEF), set for October 16-17 in Istanbul, will serve as a platform to strengthen economic ties between Türkiye and African nations. Mutual trade between the two regions is expected to surpass $35 billion by the end of this year.
Nail Olpak, chair of the Foreign Economic Relations Board (DEIK), reported that from January to August, Türkiye exported $14.6 billion worth of goods to Africa and imported $7.7 billion. Turkish exports included machinery, iron and steel, energy products, automotive goods, electrical appliances, plastics, and food items such as flour, pastries, and oil. Imports from Africa mainly consisted of energy products, automotive goods, cocoa, agricultural products, and minerals, totaling $11.3 billion.
Türkiye aims to raise trade with Africa to $40 billion in the first stage next year, with targets of $50 billion and $70 billion in subsequent years. Olpak emphasized the importance of diversifying exports beyond countries like Egypt, Morocco, Algeria, and Libya, highlighting sectors such as green energy, infrastructure, agriculture, food security, health technologies, digitalization, textiles, and contracting services.
He noted that Türkiye’s approach is based on a win-win principle, focusing on expanding Turkish Eximbank financing, offering free trade and investment incentives, promoting defense exports, entering African contracting markets, and increasing scholarships for African students. The strategy also includes leveraging logistics centers and local production partnerships to introduce more competitive Turkish products to both North and Sub-Saharan African markets.
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